Ayer IDFA unanimously approves $35,000 facade loan for Devon's Shopping Plaza

AYER — March 19, 2021 — Ayer's IDFA approved a $35,000 facade and signage loan for Devon's Shopping Plaza on West Main Street at its March 19 meeting. The unanimous vote, on a motion by Chairman Fran Callahan and seconded by member Kevin Horgan, will fund a replacement freestanding pedestal sign destroyed in recent windstorms and uniform storefront signage across the plaza. The plaza, purchased in 2018 for $1,150,000 and assessed at $1,105,900, carries an existing Leader Bank loan balance of $698,772, and staff acknowledged the owners are running a monthly deficit of roughly $5,700 to $6,000 due to vacancies. The loan is to be secured by a second mortgage on the property and personal guarantees from both owners. Staff also reported that the liquor license for the Neshoba Club Restaurant has been transferred to the Lenzy Group — owners Rob Julian and Mike Lenzy — with the IDFA's $156,000 outstanding loan on that property expected to be repaid at closing.